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Strategies & Market Trends : The Options Box -- Ignore unavailable to you. Want to Upgrade?

To: Jill who wrote (980)	5/31/2000 9:25:00 AM
From: TradeOfTheDay	Read Replies (1) \| Respond to of 10876

I love this from Kevin Hagerty at TRADINGMARKETS.COM : "The best line I read this morning was that "although markets rallied, volume appears to be low as big institutions did not participate." Right. And it was Mrs. Murphy and friends that took EMC (EMC) +11 7/16, Advanced Micro (AMD) +11, Xilinx (XLNX) +8 1/4, Intel (INTC) +8 1/4, not to mention the Nasdaq 100 (NDX) +10%, which carried the S&P 500 up +3.2% led by the big techs. You make money when you sell it at a higher price. As I've mentioned before, the New York Stock Exchange volume of 844 million is only off if you compare it to the blowoff volume at a bubble top when everybody was throwing darts at the newspapers, seeing stocks go up 50%-100% in a week or two and running out and starting a hedge fund." "Institution blocks were light at 17,069 relative to the 845 million total volume because it's report card time and they want the key overweighted techs higher, so how many Generals do you think would be selling size these last two days in the absence of any over news? Not many, so the liquidity is very thin and that's why you get such price expansion. The specialists and market makers are going to let them up as fast as possible when the Generals are buying them up, as they did yesterday. They are not going to get too short at oversold levels right at the 200-day moving average at report card time. They know how the game's played at the end of the month. They would rather be in that position a few days after these stocks have been marked up, if it can, in fact, sustain the upside move for a few days. " Kevin used to run the trading desk at Fidelity ... and he's a pretty savvy guy .